Shadine Taufik · · 1 min readAdam Neumann bags $350m from a16z for new project
WeWork’s Adam Neumann has founded Flow, a real estate platform set to launch in 2023, The New York Times reported.
The new firm is receiving a US$350 million investment from Andreessen Horowitz, which was an early backer in Airbnb, Facebook, Pinterest, and Github, among others. This fundraise was made at a US$1 billion valuation, and it will also see Marc Andreessen joining Flow’s board.
For this venture, Neumann purchased 3,000 apartment units in Fort Lauderdale, Atlanta, Miami, and Nashville. Flow will reportedly offer branded rental units with across-the-board community features and services.
Launched in 2010, Neumann’s co-working firm WeWork was valued at US$47 billion at its peak. However, the CEO stepped down after investor SoftBank believed him to be unfit to lead. Management problems also wiped US$37 billion off the firm’s valuation prior to its IPO launch. WeWork is currently valued at US$4 billion.
See also: Adam Neumann’s Flowcarbon: Another WeWork in the making?
Editing by Miguel Cordon and Lorenzo Kyle Subido
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